Day: September 14, 2020

Oil Demand Growth is Dead

Admin

The world is past the era of growing crude oil demand, BP said in its annual energy outlook report, which was released today. The message of the outlook, according to media reports, is that oil consumption may never recover to pre-pandemic levels, and not just because of the pandemic itself but because of factors that have been at play long before the coronavirus made the jump from bats to humans. “Demand for oil falls over the next 30 years,” the company said in the report. “The scale and pace of this…

Read More

Renewable Energy Continues To Eat Away At Fossil Fuel Dominance

Admin

Renewables are set to be the fastest-growing source of energy in the coming decades, giving fossil fuels such as coal and oil a run for their money in many parts of the world.  Sure, the world will continue to need oil, coal, and natural gas in the future, because energy systems cannot and will not switch to 100-percent low-carbon energy sources any time soon.   Recent data and analyses suggest, however, that renewable energy sources such as solar and wind power and increased penetration of electric vehicles (EVs) are becoming increasingly competitive…

Read More

OPEC Cuts Oil Demand Forecast For 2020, Again

Admin

OPEC revised down by another 400,000 bpd its forecast for global oil demand this year, expecting consumption to shrink by 9.5 million bpd over 2019, cutting forecasts for the second month in a row as risks with the pandemic and economic activity remains skewed to the downside.   In its Monthly Oil Market Report (MOMR) published on Monday, OPEC said that it expects global oil demand to average 90.2 million bpd this year, down by 9.5 million bpd compared to 2019. In last month’s report, OPEC expected the world’s oil demand to drop…

Read More

GoP to facilitate Foreign Investors: Abdul Hafeez Sheikh

Admin

KARACHI: Advisor to PM on Finance Dr Abdul Hafeez Sheikh had an interactive session with foreign investors at OICCI on September 12th, during which he gave a comprehensive overview of the challenges faced by the economy in the past two years and how the GOP has successfully managed to stabilize the economy which is now on a recovery path. Dr Hafeez Shaikh added that the growth trend in some industries like cement, automobile and fertilizer and rapid growth noticed at PSX are very encouraging and should give confidence to investors. The…

Read More

Saudi Aramco Retakes Crown From Apple As World’s Most Valuable Company

Admin

Saudi Arabia’s oil giant Aramco reclaimed the spot of the world’s most valuable company after a relatively steady performance in Riyadh so far this month, while shares in Apple plunged amid a wider sell-off in tech stocks in New York. According to estimates from Bloomberg, Aramco – which became the world’s largest listed firm by market capitalization with its listing in December 2019 – has regained the top spot that Apple has held since July 2020 when U.S. equities and tech stocks in particular rallied on U.S. economic stimulus. At…

Read More